Lyft, Inc. $LYFT Position Increased by Credit Agricole S A

Key Points

• Credit Agricole S A dramatically increased its stake in Lyft, Inc. by 2,347.1%, purchasing an additional 244,661 shares to reach a total of 255,085 shares valued at approximately $3.03 million.
• Several institutional investors, including PNC Financial Services Group and Maxi Investments CY Ltd, also increased their positions in Lyft during the first quarter, reflecting growing investor confidence.
• Analysts have mixed forecasts for Lyft's stock, with target price adjustments ranging from $11.00 to $18.00, while the current consensus rating remains a "Hold" with an average target price of $16.83.

Credit Agricole S A raised its stake in Lyft, Inc. (NASDAQ:LYFT - Free Report) by 2,347.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 255,085 shares of the ride-sharing company's stock after acquiring an additional 244,661 shares during the period. Credit Agricole S A owned 0.06% of Lyft worth $3,028,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of LYFT. Mariner LLC boosted its stake in Lyft by 8.5% in the fourth quarter. Mariner LLC now owns 18,916 shares of the ride-sharing company's stock valued at $244,000 after acquiring an additional 1,479 shares during the period. Guggenheim Capital LLC boosted its position in shares of Lyft by 6.4% during the fourth quarter. Guggenheim Capital LLC now owns 16,023 shares of the ride-sharing company's stock worth $207,000 after buying an additional 970 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Lyft by 112.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,363,978 shares of the ride-sharing company's stock worth $30,498,000 after buying an additional 1,250,967 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Lyft by 428.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,270,203 shares of the ride-sharing company's stock worth $16,386,000 after buying an additional 1,030,014 shares during the period. Finally, Coppell Advisory Solutions LLC boosted its position in shares of Lyft by 84.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 4,338 shares of the ride-sharing company's stock worth $57,000 after buying an additional 1,984 shares during the period. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on LYFT. Canaccord Genuity Group cut their price objective on shares of Lyft from $14.00 to $11.00 and set a "hold" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Lyft from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 9th. TD Cowen upgraded shares of Lyft from a "hold" rating to a "buy" rating and increased their price objective for the company from $16.00 to $21.00 in a report on Tuesday, June 24th. Wells Fargo & Company boosted their target price on Lyft from $14.00 to $15.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Finally, Citigroup reaffirmed a "hold" rating and set a $14.00 price target (down from $22.00) on shares of Lyft in a research note on Friday, June 27th. Nine analysts have rated the stock with a Buy rating, twenty have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Lyft currently has an average rating of "Hold" and an average price target of $16.83.

Insider Activity

In other news, insider Lindsay Catherine Llewellyn sold 28,356 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $15.85, for a total value of $449,442.60. Following the completion of the sale, the insider owned 850,388 shares in the company, valued at $13,478,649.80. This represents a 3.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John David Risher bought 6,538 shares of Lyft stock in a transaction dated Thursday, May 29th. The stock was acquired at an average price of $15.29 per share, with a total value of $99,966.02. Following the acquisition, the chief executive officer directly owned 11,791,340 shares of the company's stock, valued at approximately $180,289,588.60. This represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.07% of the company's stock.

Lyft Price Performance

Shares of NASDAQ LYFT traded down $0.55 during trading on Wednesday, hitting $16.25. The company had a trading volume of 19,818,679 shares, compared to its average volume of 18,133,418. The company has a market cap of $6.60 billion, a P/E ratio of 67.71, a PEG ratio of 2.78 and a beta of 2.26. Lyft, Inc. has a 52 week low of $9.66 and a 52 week high of $19.07. The business's 50-day moving average is $15.07 and its 200 day moving average is $13.89. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.70 and a current ratio of 0.70.

Lyft (NASDAQ:LYFT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The ride-sharing company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.17). The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.61 billion. Lyft had a net margin of 1.51% and a return on equity of 14.32%. Lyft's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 EPS. Equities research analysts predict that Lyft, Inc. will post 0.22 earnings per share for the current fiscal year.

Lyft Profile

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.